Basswood Capital Management L.L.C. Makes New Investment in Fifth Third Bancorp $FITB

Basswood Capital Management L.L.C. bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 261,521 shares of the financial services provider's stock, valued at approximately $14,742,000.

A number of other large investors also recently made changes to their positions in FITB. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $29,000. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $25,000. SouthState Bank Corp grew its holdings in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $29,000. Finally, Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth $30,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FITB shares. Citigroup increased their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. Argus raised Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Truist Financial raised their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Finally, Robert W. Baird lifted their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an "outperform" rating in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $55.22 on Thursday. The firm has a market cap of $50.08 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The company's fifty day moving average is $56.66 and its 200-day moving average is $52.00. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 EPS. Equities analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 54.61%.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source